Outflows last week came to $32 million, pushing the total during the streak to $232 million, according to afrom CoinShares. Investors withdrew $33 million from bitcoin products alone last week, meaning BTC funds yet again dominated the outflow – as they have throughout the five-week period.
Bitcoin has soared this year, surpassing $30,000 in April for the first time since mid-2022. But it’s struggled since then and now trades below $27,000. “It is unclear why there is such coordinated negative sentiment for both long and short investment products,” CoinShares said, noting that even products that short BTC saw an outflow of $1.3 million last week.
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